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£930m Grosvenor House bid provisionally accepted

25 November 2016 by

A $1.15b (£930m) bid for the Grosvenor House, A JW Marriott Hotel and New York Park Plaza by a consortium of Saudi and UK family wealth funds has been provisionally accepted, according to http://www.propertyweek.com/news/saudi-led-consortium-closes-in-on-grosvenor-house-deal/5086439.article" target="_blank" rel="noreferrer">Property Week.

It reports that the bid fronted by UK company 3 Associates has been accepted by the hotels' owner Sahara Group but requires the sanction of administrator Deloitte before it can progress. The five-AA-star, 496-bedroom Grosvenor House hotel was placed into administration last year. The exchange is expected to happen by the end of the year.

The consortium's bid had originally included the Dreams Downtown hotel, also in New York, but was dropped. Sahara also came close to doing a deal with the Qatar Investment Authority for the three hotels, but the sovereign wealth fund pulled out of negotiations in September.

Deloitte and 3 Associates were unavailable to comment at the time of going to press.

Grosvenor House said it was "business as usual" but declined to comment further.

A spokesperson from Sahara refuted the claims: "Sahara has no information of any such bid or offer, leave alone our acceptance. We only come to know through media reports, which is not the route for any deal to be done. We have categorically mentioned earlier too that these are baseless and speculative act of some wrong people. The interest of such people lies somewhere else rather than in the deal it is a devious attempt to benchmark the price much lower than the actual market value of the properties in order to ruin the market and disturb the sentiment of the potential bidders."

Grosvenor House set to become UK's biggest single sale as part of £1b bid >>

Grosvenor House reveals £8m renovation of public areas >>

Grosvenor House up for sale after going into administration >>

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